272 Capital LP Reduces Position in Silicon Motion Technology Co. (NASDAQ:SIMO)

272 Capital LP trimmed its stake in Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 44.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 36,057 shares of the semiconductor producer's stock after selling 29,242 shares during the period. Silicon Motion Technology accounts for about 2.4% of 272 Capital LP's investment portfolio, making the stock its 12th biggest holding. 272 Capital LP owned about 0.11% of Silicon Motion Technology worth $2,190,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently modified their holdings of the company. Caisse DE Depot ET Placement DU Quebec boosted its position in shares of Silicon Motion Technology by 45.2% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 12,200 shares of the semiconductor producer's stock worth $741,000 after purchasing an additional 3,800 shares in the last quarter. Verition Fund Management LLC purchased a new position in Silicon Motion Technology during the third quarter valued at $290,000. BNP Paribas Financial Markets raised its stake in Silicon Motion Technology by 6.0% during the third quarter. BNP Paribas Financial Markets now owns 31,341 shares of the semiconductor producer's stock valued at $1,904,000 after buying an additional 1,784 shares during the last quarter. FMR LLC boosted its holdings in Silicon Motion Technology by 27.7% in the third quarter. FMR LLC now owns 2,239,574 shares of the semiconductor producer's stock worth $136,032,000 after acquiring an additional 485,862 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Silicon Motion Technology by 36.4% in the third quarter. The Manufacturers Life Insurance Company now owns 570,816 shares of the semiconductor producer's stock worth $34,671,000 after acquiring an additional 152,467 shares during the last quarter. Institutional investors own 78.02% of the company's stock.

Silicon Motion Technology Price Performance

Shares of SIMO stock traded up $0.64 during mid-day trading on Friday, hitting $53.07. The company had a trading volume of 218,814 shares, compared to its average volume of 312,632. The stock's 50 day moving average price is $56.13 and its 200-day moving average price is $66.14. Silicon Motion Technology Co. has a 52-week low of $50.50 and a 52-week high of $85.87. The company has a market capitalization of $1.79 billion, a P/E ratio of 20.10, a P/E/G ratio of 1.44 and a beta of 0.84.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 EPS for the quarter, topping the consensus estimate of $0.85 by $0.07. The business had revenue of $212.40 million for the quarter, compared to analysts' expectations of $209.49 million. Silicon Motion Technology had a net margin of 10.90% and a return on equity of 11.52%. The business's quarterly revenue was up 23.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.32 EPS. On average, equities research analysts expect that Silicon Motion Technology Co. will post 2.59 earnings per share for the current year.

Silicon Motion Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Thursday, November 14th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.77%. The ex-dividend date of this dividend was Thursday, November 14th. Silicon Motion Technology's dividend payout ratio is presently 75.38%.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. StockNews.com cut shares of Silicon Motion Technology from a "buy" rating to a "hold" rating in a report on Monday, November 4th. Susquehanna decreased their price objective on shares of Silicon Motion Technology from $110.00 to $95.00 and set a "positive" rating for the company in a report on Friday, November 1st. B. Riley cut their target price on Silicon Motion Technology from $112.00 to $95.00 and set a "buy" rating on the stock in a research note on Monday, August 5th. Morgan Stanley reduced their target price on Silicon Motion Technology from $78.00 to $65.00 and set an "overweight" rating for the company in a report on Monday, September 16th. Finally, Roth Mkm lowered their price target on Silicon Motion Technology from $90.00 to $80.00 and set a "buy" rating on the stock in a report on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, one has given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Silicon Motion Technology presently has an average rating of "Moderate Buy" and a consensus target price of $81.67.

Silicon Motion Technology Company Profile

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid-state storage devices. The company offers controllers for computing-grade solid state drives (SSDs), which are used in PCs and other client devices; enterprise-grade SSDs used in data centers; eMMC and UFS mobile embedded storage for use in smartphones and IoT devices; flash memory cards and flash drives for use in expandable storage; and specialized SSDs that are used in industrial, commercial, and automotive applications.